Truckload carriers of all sizes and types suffered in last year’s freight slump, but they did not suffer equally. An analysis of the Top 50 US and Canadian truckload carriers ranked by revenue shows the 25 largest fleets were stung more lightly than the next 25.

The combined revenue of the 25 largest companies on the list of the 50 largest truckload carriers declined 0.4 percent in 2016 to $26.9 billion. The combined revenue of carriers 26 through 50, however, dropped 2.2 percent to $8.4 billion, SJ Consulting Group data show.

Altogether, the 50 largest truckload carriers had $35.3 billion in combined revenue last year, 1.4 percent less than the 2015 total. Revenue tumbled at 30 of the Top 50. That is better than in 2015 when revenue sank at 38 of the 50 largest truckload carriers in the United States and Canada.

The carrier rankings, published in the 2017 JOC Guide to Trucking, demonstrate that in trucking size matters. Larger carriers able to exercise the power of scale and flex their capacity typically fared better in 2016, though they were not immune to the widespread freight malaise.

Last year, 15 carriers among the top 25 of the 50 largest truckload carriers experienced revenue decline, along with 15 carriers in the second tier of the rankings. However, revenue decline averaged 5 percent in the top tier, where it occurred, and 6.8 percent in the second tier.

All told, among the top 50 that suffered a revenue decline, revenue fell on average 5.9 percent. The 20 companies that increased revenue saw it rise on average 5.6 percent. Four of the carriers enjoyed double-digit growth rates ranging from 10.4 percent to 26.7 percent.

The fourth company, Melton Truck Lines, is a flatbed carrier based in Oklahoma.

Companies specializing in dedicated or flatbed service did better than general freight carriers.

Revenue fell less than 5 percent at 15 of the Top 50, with 12 suffering a 5 to 10 percent decrease and only three reporting a double-digit drop in revenue, according to SJ Consulting Group. Those three were Heartland Express, USA Truck, and United Vision Logistics.

Less revenue does not necessarily mean fewer profits or losses. Lower revenue from sales and surcharges, however, does make it more difficult for carriers to reinvest in their businesses and keep up with the rising cost of equipment, drivers, and, starting in late 2016, diesel fuel.

Truckers are faring better in 2017, though many large companies said contract rates have yet to climb as quickly as spot market rates, which are at three-year highs. Shippers can expect the Top 50 carriers to push hard this fall in rate talks to make up for “lost time” and money.

TOP 25 US AND CANADIAN TL CARRIERS

2016 REVENUE, INCLUDING FUEL SURCHARGES, in millions of US dollars.

Rank

CARRIER NAME

2015 REVENUE

2016 Revenue

2015-2016 Percent change

Public/ Private

Notes

1

Swift Transportation

$3,512

$3,361

-4.3%

Public

Announced merger with Knight in April 2017.

2

Schneider National

$2,380

$2,422

1.8%

Private

Filed IPO in December 2016.

3

J.B. Hunt Transport Services

$1,837

$1,921

4.6%

Public

Revenue growth driven by 5.6 percent growth in Dedicated business.

4

Landstar System*

$1,697

$1,619

-4.6%

Public

5

Prime**

$1,504

$1,520

1.1%

Private

6

Werner Enterprises

$1,623

$1,504

-7.3%

Public

7

U.S. Xpress Enterprises

$1,343

$1,323

-1.5%

Private

8

CRST International

$1,135

$1,173

3.3%

Private

Acquired Gardner Trucking in September 2016.

9

Crete Carrier Corp.

$1,014

$984

-3.0%

Private

10

C.R. England

$924

$903

-2.2%

Private

11

Knight Transportation

$952

$900

-5.4%

Public

Announced merger with Swift in April 2017.

12

Celadon Group**

$870

$892

2.5%

Public

13

Roadrunner Transportation

$811

$862

6.2%

Public

14

Ryder Systems

$734

$837

14.0%

Public

Dedicated division only.

15

Ruan Transportation Management Services

$770

$750

-2.5%

Private

16

Daseke

$675

$655

-3.0%

Private

Merged with Hennessy Capital Acquistion Corp. and went public in February 2017.

17

Penske Logistics

$506

$642

26.7%

Private

Dedicated division only; acquired Transfreight North America in May 2015

18

Cardinal Logistics*

$630

$621

-1.4%

Private

Includes Greatwide Logistics.

19

Heartland Express

$736

$613

-16.8%

Public

Acquired Interstate Distributor Co. in July 2017.

20

Covenant Transportation Group

$647

$594

-8.1%

Public

21

Anderson Trucking Service

$618

$593

-4.0%

Private

22

Stevens Transport

$616

$589

-4.4%

Private

23

Marten Transport

$517

$533

3.2%

Public

Revenue growth driven by 33.1 percent growth in Dedicated business.

24

XPO Logistics

$562

$530

-5.7%

Public

XPO Logistics sold its truckload unit to TFI International, formerly known as Transforce, in October 2016; TFI rebranded the unit as CFI.

25

Western Express

$520

$528

1.5%

Private

26

NFI Industries

$503

$490

-2.6%

Private

27

KLLM

$497

$479

-3.6%

Private

28

Universal Truckload Services*

$524

$474

-9.6%

Public

29

Mercer Transportation*

$495

$449

-9.2%

Private

30

TMC/Annett Holdings

$391

$394

0.9%

Private

31

First Fleet

$381

$394

3.4%

Private

32

Averitt Express

$418

$393

-5.9%

Private

33

PAM Transportation

$373

$388

4.2%

Public

34

Dart Transit*

$366

$385

5.2%

Private

35

Mesilla Valley/MVT

$356

$360

1.3%

Private

36

Transport America

$373

$351

-5.8%

Public

37

Roehl Transport

$374

$349

-6.7%

Private

38

Interstate Distributor Co.

$344

$325

-5.6%

Private

Acquired by Heartland Express in July 2017.

39

FedEx Custom Critical*

$348

$323

-7.1%

Public

Expedited division of FedEx Corp.

40

Black Horse Carriers

$265

$297

12.0%

Private

41

USA Truck

$354

$295

-16.9%

Public

42

Maverick Transportation

$267

$283

5.8%

Private

Acquired Flanary and Sons Trucking in July 2015.

43

TransAm Trucking

$280

$270

-3.6%

Private

44

Melton Truck Lines

$236

$261

10.4%

Private

45

Panther Premium Logistics*

$255

$251

-1.6%

Public

Expedited division of ArcBest.

46

United Vision Logistics*

$280

$245

-12.4%

Private

47

P&S Transportation

$242

$245

1.3%

Private

Division of PS Logistics.

48

John Christner Trucking

$245

$239

-2.5%

Private

49

Paschall Truck Lines

$259

$237

-8.5%

Private

50

Cowan Systems

$228

$234

2.5%

Private

TOTAL TOP 50 TRUCKLOAD CARRIERS

$35,787

$35,280

-1.4%

*Light-asset carrier.

**Results adjusted to closer resemble calendar year.

Revenue primarily for truckload operations and may include less than 10 percent for non-truckload services.